The global Hybrid Additive Manufacturing market size is forecast to reach USD 243.2 Million by 2027, according to a new report by Reports and Data. The market is witnessing a high growth rate due to the increasing demand for complex design but low volume automotive parts. The automotive industry has played a major part in increasing the adoption of additive manufacturing techniques. Many companies have replaced the traditional manufacturing processes with additive manufacturing as it is a faster and a cost-effective process.
Hybrid additive manufacturing or hybrid 3D provides a key benefit of reducing wastage, due to which many automotive industry players are continuously adopting it. This process enables manufacturers to use only the necessary material for production. The development of 3D printing technology and new products in the market is a key factor for the growth of the market.
Major players are making huge investments in the research and development of automotive part production process. The market is also witnessing a high growth rate from industries such as medical and aerospace. High initial investment is needed to set up the facilities for hybrid additive manufacturing, which can be a constraint for market growth. Also, low awareness regarding the market in certain industries can hamper the market growth.